HARARE
Zimbabwe (Xinhua) -- The
Zimbabwean government has lifted a ban on
importation of some basic commodities effected in
2016 to allow companies and individuals with
offshore and free funds to import specified basic
commodities that are in short supply, state media
reported Wednesday.

Some basic commodities
have either gone off the shelves or are now being
sold at exorbitant prices because of speculation by
some local retailers and panic-buying by consumers.

SI 122 of 2017 is the amended version of S1 164
of 2016 which the government imposed to protect
local industry and promote the buying of locally
produced goods.

The Minister of Information, Publicity and
Broadcasting Services, Monica Mutsvangwa, said that
Acting Minister of Industry and Commerce Sekai
Nzenza had on Tuesday presented to Cabinet the
prevailing situation in the market regarding the
availability and prices of basic commodities..

She said the continuing
increases in prices had effectively pushed the
commodities beyond the reach of many people.

"Cabinet further observed that owing to panic and
speculative buying, products which used to be sold
over a month are now being sold in just three hours’
time, a situation which is completely unsustainable.

"Accordingly, as a way forward, Cabinet resolved
as follows: that the Minister of Industry and
Commerce temporarily amends SI 122 of 2017 to allow
both companies and individuals with offshore and
free funds to import specified basic commodities
currently in short supply pending the return to
normalcy in buying patterns of the public and
adequate restocking by manufacturers," she said.

HARARE Zimbabwe (Xinhua) --
Empty shelves: A customer searching for
items at a supermarket in Harare, Zimbabwe. The
prices of basic commodities in Zimbabwe have been
rising drastically in the recent weeks after
minister of finance and economic development Mthuli
Ncube acknowledged that there was no real parity
between the U.S. dollar and the local bond note. XINHUA PHOTO -
SHAUN JUSA

.
Cabinet also resolved that government, through the
Reserve Bank of Zimbabwe, should support the
productive sector through foreign currency
allocation to ensure that they adequately stock up
for the forthcoming festive season and that more
resources be channeled towards primary production,
particularly agriculture, with focus on soya beans
and wheat.

Some
retailers and wholesalers have been charging
different prices for the same commodities based on
the mode of payment.

A manager with one of the country’s biggest
retail chains told Xinhua Wednesday that they had
reduced trading hours effective this week to ease
pressure on the stocks drawdown..

HARARE Zimbabwe (Xinhua)
-- Illegal foreign
currency dealers on Tuesday literally deserted the
streets in Harare’s Central Business District, as
the government continues warning that it will deal
severely with offenders.

The parallel market rate of the U.S. dollar to
the bond dollar also fell drastically from around
350 percent on Friday to 150 percent Monday, but
dealers said the situation continued to be volatile
while prices of basic commodities continued to soar.

A tour by Xinhua in the CBD showed that most of
the dealers who used to throng Sam Nujoma Street and
the First Street Mall were nowhere to be seen, while
just a few brave ones whispered to potential buyers
that they were open for business.

A honey vendor said while the illegal dealers
were not visible, they were still around but
remained wary of the authorities.

"Just like me, they disappear at the first sight
of trouble and remain underground until they feel
that it is safe to continue with their business."

Some dealers have also masked their activities by
remaining on the streets purporting to be buying old
Zimbabwe dollar notes but they quickly admit that
they also trade the foreign currency.

One dealer along Sam Nujoma Street said it had
become dangerous to operate openly and had devised
new ways to evade arrest by pretending to be only
interested in the old notes.

The government in Sept. 2017 passed a new law
against illegal foreign currency dealing that
enables the state to jail offenders for up to 10
years and authorizes the police to seize the cash
being transacted.

The regulations also impose several other
penalties including the freezing of funds, if the
illegal deals are conducted through banks, while the
courts may impose fines of three times the value of
the currency confiscated.

Prior to the Sept. 2017 regulations, the Banking
Act only allowed the central bank to impose
penalties on offenders.

The dealers quickly disappeared from the streets,
only to reappear when they realized that law
enforcement agencies were not descending heavily
upon them.

Since then, business has been flourishing on the
black market from where companies are said to have
been sourcing foreign currency because local banks
have not been able to provide it.

It is also suspected that top politicians and
some business people are behind the illegal
activities.

Two weeks ago, Zimbabwean President Emmerson
Mnangagwa declared war on the black market saying
that it was a threat to national security.

"A great threat to our bid to stimulate
productive activity in the economy comes by way of
non-productive, speculative activities operating
below the radar but involving millions in precious
foreign currency and bond notes.

"These nefarious activities thrive on different
electronic platforms. New measures will be pursued
to stop such malpractices," he said then..

Zimbabwe
central bank suspends top managers
following social media allegations of corruption

HARARE Zimbabwe (Xinhua)
--Zimbabwe central bank
on Monday suspended four directors indefinitely
following corruption allegations leveled against
them on social media.

Political activist Acie Lumumba posted a live
Facebook feed on Sunday night alleging that the four
were part of a ring in the Reserve Bank of Zimbabwe
(BZ) that was involved in illegal foreign currency
peddling and gold exports.

Lumumba had only three days earlier been
appointed spokesperson for a communications
taskforce in the Ministry of Finance and Economic
Development.

In a statement published Tuesday, RBZ governor
John Mangudya said he had indefinitely suspended the
four senior managers to allow room for
investigations.

"The RBZ wishes to advise members of the public
that following allegations of impropriety leveled
against senior officials of the bank namely, Messrs
Mirirai Chiremba, Norman Mataruka, Gresham
Muradzikwa and Azvinandaa Saburi, by Mr Lumumba, the
Bank has found it necessary, for the sake of
transparency and good corporate governance, that the
allegations be followed through and investigated in
line with the bank’s Employment Code of Conduct."

He said once the investigations had been
concluded, the public would be advised of the
outcome and appropriate corrective action would be
taken as dictated by the outcome of the
investigations.

Zimbabwe is reeling under foreign currency
shortages which have led to a shortage of fuel,
basic commodities and drugs..